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How to evaluate your business idea

By Simon Goble

But a great idea is just the tiniest of first steps. If all great ideas translated into profitable businesses, everyone would be an entrepreneur. The fact is, some ideas are viable, some aren’t – and others just need a little bit of luck, funding and faith.

So how do you tell the difference? Mostly by asking yourself the tough questions that will expose the weakness of your idea – or reveal hidden strengths. Questions like “Have you worked in this industry before?” or “Have you thought about how you’ll get funding?” or even simply “Who will buy this product?”

If you want to test the strength of your idea, work your way through this interactive flow chart from MOO.COM – it’s a really simple way to check if you can go straight to the next stage of starting up, or if you need to spend a little bit more time at the drawing board!

So, your business idea has made its way through our flowchart (and hopefully it’s been put through its paces), but the big question is – how did it do? We’d love to know!